As a result of that expedition we know, if we think with clarity and fidelity, that Economics is the science, not of making Money, but of Producing and Distributing Artificial Objects from and upon Natural Resources by Man. The usefulness of our expedition depends upon our grasp of and fidelity to the generalization of all Economic facts into those Basic Facts which are respectively distinguished in Economic terminology as Land, Labor and Wealth.
Questions for Self-Examination
I
1.—Name the three Basic Facts of Economics as described in the foregoing pages.
2.—Define them as there defined.
3.—In your judgment are there any others? If so, name and define them.
II
1.—What is Money as defined in the foregoing pages?
2.—How would you define it?
III